White House announces tax plan

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On the 26th of April 2017 the Trump administration announced its tax plan. They consider it to be the largest corporate tax cut in history. 

Regarding businesses, the following is proposed:

  • Reducing the corporate rate to 15 percent
  • Making small businesses (presumably pass-through entities and sole proprietorships) eligible for the 15 percent rate
  • Repatriating foreign earnings at a one-time rate; negotiations are ongoing with Congress over what that rate would be, and no specific rate was discussed in the announcement
  • Changing the U.S. tax system from a worldwide system to a territorial system

A complete overview of the proposed changes and their consequences has been provided by Baker Tilly US. Please keep a close eye on the provisions that are most important to your company.

If you have any questions do not hesitate to contact your Baker Tilly Berk adviser.

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